Property Search

Searches

This is the enquiry into all information regarding a property held by the local authority of by the Land Registry.

Service Charge

This is a charge paid by the owner to cover the cost of communal services such as building repairs, cleaning and in some blocks, a concierge service.

Share of Freehold

In this situation, the freehold on which a property is located is shared amongst the property owners in the building.

Sole Agency

This is where one agent is given sole responsibility to sell a property.

Stamp Duty Land Tax (SDLT)

A tax paid by the buyer to the Government. The current tax brackets (as of July 2014) are as follows: Properties up to £125,000 – 0%; £125,001 to £250,000 – 1%; £250,001 to £500,000 – 3%; £500,001 to £1 million – 4%; over £1 million to £2 million – 5%; over £2 million – 7%.

This scale differs for corporate bodies.

Stamp Duty is charged at 15% on residential properties bought by companies and collective investment schemes. There are some exceptions to this, those of which can be found at www.gov.uk/stamp-duty-land-tax-rate

Structural Survey

A structural survey is a detailed report of the property, commenting on the general structural condition.

Studio Flat

This is a property made up of one main room which compasses a living area, cooking facilities and a sleeping area. A studio flat will still have a separate bathroom/shower room.

Subject to Contract

This term refers to an agreement that is yet to be considered legally binding as it still requires terms within a contract to be agreed upon.

Surveyor

A surveyor is qualified to set an estimate on the value and condition of a property